CPA Exam

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Author:
katdunn8956
ID:
98760
Filename:
CPA Exam
Updated:
2011-08-28 22:06:00
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Regulation CPA exam
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CPA Exam: Regulation questions
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  1. What are bankruptcy priorities? DAM-WEG-CTFI
    • DAM=Domestic support obligations, Administrative Costs, Middleman Debts
    • WEG=Wages, Employee Benefits, Grain producers & Fisherman
    • CTFI=Consumer Deposits, Taxes Unpaid, Federal Depository, Injury claims
    • Other-Secured, Unsecured-timely filed, Unsecured-not filed
  2. AMT Issues-Corporation
    AMT Issues-Individual
    • Corporation
    • Tax Rate 20%
    • Exemption $40,000
    • Phaseout $150,000
    • Preferences Contibutions
    • Adjustments No Adjustments
    • Adjustments ACE
  3. Individual
    • Tax Rate 26-28%
    • Exemption $70,950 (married)
    • Phaseout $150,000
    • Preferences Not a Preference
    • Adjustments Itemized Deductions
    • Adjustments No ACE
  4. Deductions allowed in the Estate
    • a. Administrative expenses
    • b. Funeral expenses
    • c. Debits of the estate, including medicine
    • d. Other claims against the estate
    • e. Charitable contributions-named in will
    • f. Unlimited marital deduction
    • g. State estate tax deduction
  5. Non-Liquidating Distributions
    • Treated in order
    • a. Dividend Income (to the extent of E&P)
    • b. Return of basis
    • c. Capital gains
  6. Liquidating Distributions
    • a. Shareholders and Corporations recognize a gain or loss-Use the fair market value
    • Expenses of liquidation are used to reduce gain
    • Exception-Shareholder another corp owning 80%+ then no gain or loss. Basis same as liquidating corp.
  7. Reorganizations
    • Type A=Merger or Consolidation
    • Type B=P acquires 80% of voting stock (t). Stock for stock
    • Type C=Stock for Asset. Substially all of (t) acquired by (p)
    • Type D=Spin off or split off
    • Type E=a recapitalization or change to structure
    • Type F=mere change in identity form or place of org.
    • Type G=Assets transferred to another in a bankruptcy
  8. Sec 10a and 10b 1934 and Sec 11 1933
    What a plaintiff must show under each?
    • Anti Fraud 1934 10a and 10b
    • 1. Material false statement
    • 2. Acted with scienter or a reckless disregarded of truth
    • 3. Suffered a loss
    • 4. Reliance
    • Sec 11 of 1933
    • 1. Acquired the stock
    • 2. suffered a loss
    • 3. Material misrepresentation
  9. Adjustment for AGI: General
    • IRA
    • Moving Expenses
    • Forfeiture penalties
    • Alimony
    • Jury Duty
    • Student Loan Interes
    • Health Savings Acct
    • Tuition & Fees
    • Educators Expense
  10. ADJ for AGI: Self Employed
    • Trade or Business Expense
    • Hobby Losses
    • Casualty Losses
    • Depreciation & Amoritization
    • Sect 179 election
    • Self-Emp Tax
    • Self-Emp Health Ins
    • Retirement Accounts
    • Health Savings Acct
  11. ADJ for AGI: Passive
    • Passive losses
    • Rental losses
    • At risk rules
  12. Adj from AGI: Think Schedule A
    • Medical (7.5%)
    • Taxes
    • Interest Deduction
    • Charitable Contributions
    • Casualty losses
    • Lessor of FMV or ADJ, Less $100, 10% of AGI
    • Misc-2% of AGI
    • Tax prep fees, job hunting, professional dues, uniforms, business tools, investment expenses, IRA Custodial fees, hobby losses, unreimbursed employment expenses, Education costs to maintain or improve skills.
    • Misc-No limit
    • Gambling losses, impairment related work expenses, federal estate tax on income-decedent

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